ADVERTISEMENT
Advertise Here

Office Hours

Posts tagged: Sterling Bank

Sterling employees start looking toward their future with Umpqua

We'll be asking what the actual headcount reduction will be, following today's announcement that the Umpqua Bank merger with Sterling Bank has cleared all hurdles.

The first signs of the deal will be Sterling’s regional signs being replaced by Umpqua Bank signs the weekend of April 18 and continuing for the next 10 weeks.

Portland-based Umpqua will gain a financial services foothold in Eastern Washington. It is considered Oregon’s largest bank.

It’s paying about $1.9 billion in stock for Sterling, which has around 650 area workers and more than 2,600 across the service area, which includes Idaho, Oregon and California.

Sterling has 176 branches in those states and in Washington.

“We’ll be the largest community bank on the West Coast and the 34th largest community bank in the country,” Coon noted.

Sterling CEO Greg Seibly will stay with the company, previous news releases have said.

Merging with Sterling gives Umpqua roughly $22 billion in assets and almost 400 total branches.

Coon said the merger will result in the loss of some area Sterling positions. The full scope of that reduction is still being determined, she said.

Area’s second-largest business story for 2013: Umpqua buys Sterling Bank

Today's post: The No. 2 business story of the year for the Spokane North Idaho area.

Last week we posted No. 3, the widespread credit card breach connected to area grocery stores.

No. 2 is the acquisition of Spokane's largest home-based bank, Sterling Financial by Oregon-based Umpqua Bank. Our earlier story on the acquisition ran on Sept. 11, 2013.

Tomorrow, Dec. 31, we list the No. 1 business story for 2013.  Because of our pick-the-top-story contest, the final story will determine who wins the SR OfficeHours $10 coffee card.

 

 

Sterling share price did show a large spike several days before Umpqua deal

The day after Sterling Financial announced it's being taken over by Portland-based Umpqua Bank, here's one graphic that raises questions about who knew about the merger early-on.

The story of the announcement ran in the Sept. 12 Spokesman Review and online.

The graphic here shows a 30-day chart of the public share prices of Sterling vs. Umpqua vs. a regional community bank, PacWest Bank. All trade on the Nasdaq. Sterling is green, Umpqua is blue.

Sterling's stock shows the most impressive jump, and that has led some lurkers and outsiders to wonder who got advance word of the deal.  The Great Stock Price Leap occurs from Aug. 21 through Aug. 24.

.

Sterling to acquire three branches of Boston Private in Puget Sound

To read the complete story, go to Spokesman.com later Monday evening or read it in Tuesday's printed editions.

Spokane’s Sterling Savings Bank has purchased the Puget Sound operations of publicly traded Boston Private Financial Holdings, Inc.

Boston Private, a national financial services group that owns wealth management and private bank affiliates in Boston, New York, Los Angeles and San Francisco, has operated three branches in the Seattle area.

It acquired the branches in Seattle, Bellevue and Redmond in 2007 from financially distressed Charter Bank.

Sterling Savings CFO Patrick Rusnak said the acquisition made sense for both sides; Boston Private felt the branches were too distant from its East Coast offices; and Sterling considers Seattle one of its prime areas for continuing growth.

Sterling currently has 15 branches in the greater Seattle area, including in Bellevue and Redmond, Rusnak said.

One of Sterling Bank’s Seattle branches is in the same building as Boston Private’s, Rusnak said.

Sterling will pay about $96 million, Rusnak said, which covers an $11 million “premium” and the difference between the branches’ total loans and deposits.

The sale is expected to close in the first half of 2013 pending regulatory review.

Get blog updates by email

About this blog

The Spokesman-Review business team follows economic development in Spokane and the Inland Northwest.

Sign up for our business email newsletter
Latest comments »

Read all the posts from recent conversations on Office Hours.

Contributors

John Stucke John Stucke is a deputy city editor who helps build local news coverage and writes about health care, bankruptcy and rural affairs.

Recent work by John

Alison Boggs Online Producer Alison Boggs posts and manages content on spokesman.com and its social networking accounts.

Recent work by Alison

Scott Maben Scott Maben is a Deputy City Editor who covers North Idaho news and higher education.

Addy Hatch is the city editor, and formerly was business editor.

Search this blog
Subscribe to this blog
ADVERTISEMENT
Advertise Here